CNH Industrial Capital 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2024 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	000-55510
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1937630
Entity Address, Address Line One	5729 Washington Avenue
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53406
City Area Code	262
Local Phone Number	636-6011
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	0
Entity Central Index Key	0001552493
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Interest income on retail notes and finance leases	$ 87,391	$ 68,224
Rental income on operating leases	59,806	57,049
Revolving charge account income	9,306	8,330
Interest income on wholesale notes	26,923	10,595
Interest and other income from affiliates	119,474	84,104
Other income	3,406	216
Total revenues	306,306	228,518
Interest expense:
Interest expense to third parties	162,803	95,256
Total interest expense	167,427	103,704
Administrative and operating expenses:
Provision for credit losses	10,512	1,919
Depreciation of equipment on operating leases	43,100	45,052
Other expenses, net	596	3,533
Total administrative and operating expenses	67,803	64,379
Total expenses	235,230	168,083
INCOME BEFORE TAXES	71,076	60,435
Income tax provision	16,603	14,134
NET INCOME	54,473	46,301
Related Party
Interest expense:
Interest expense to affiliates	4,624	8,448
Total interest expense	4,624	8,448
Administrative and operating expenses:
Fees charged by affiliates	$ 13,595	$ 13,875

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 54,473	$ 46,301
Other comprehensive income (loss):
Foreign currency translation adjustment	(10,480)	(294)
Pension liability adjustment	(108)	(181)
Change in derivative financial instruments	1,935	(2,393)
Total other comprehensive income (loss)	(8,653)	(2,868)
COMPREHENSIVE INCOME	$ 45,820	$ 43,433

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash	$ 163,171	$ 390,110
Restricted cash and cash equivalents	405,458	407,817
Receivables, less allowance for credit losses of $118,365 and $114,745, respectively	13,698,534	13,455,717
Equipment on operating leases, net	1,341,909	1,378,384
Equipment held for sale	26,010	20,215
Goodwill	108,506	109,118
Other intangible assets, net	18,506	19,352
Other assets	88,755	108,147
TOTAL	16,037,168	15,963,527
Liabilities:
Short-term debt (including current maturities of long-term debt)	5,019,147	5,519,792
Accounts payable and other accrued liabilities	808,336	852,638
Long-term debt	8,626,108	7,859,629
Total liabilities	14,453,591	14,364,551
Commitments and contingent liabilities (Note 11)
Stockholder's equity:
Member's capital
Paid-in capital	918,483	919,702
Accumulated other comprehensive loss	(145,961)	(137,308)
Retained earnings	811,055	816,582
Total stockholder's equity	1,583,577	1,598,976
TOTAL	16,037,168	15,963,527
Related Party
ASSETS
Affiliated accounts and notes receivable	$ 186,319	74,667
Liabilities:
Affiliated debt		$ 132,492

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for credit losses	$ 118,365	$ 114,745
Restricted cash and cash equivalents	405,458	407,817
Receivables, less allowance for credit losses of $55,430 and $54,889, respectively	13,698,534	13,455,717
TOTAL	16,037,168	15,963,527
Short-term debt (including current maturities of long-term debt)	5,019,147	5,519,792
Long-term debt	8,626,108	7,859,629
Total liabilities	14,453,591	14,364,551
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	55,430	54,889
Restricted cash and cash equivalents	405,458	407,817
Receivables, less allowance for credit losses of $55,430 and $54,889, respectively	8,336,489	8,103,838
TOTAL	8,741,947	8,511,655
Short-term debt (including current maturities of long-term debt)	3,972,228	3,824,385
Long-term debt	4,127,562	4,086,419
Total liabilities	$ 8,099,790	$ 7,910,804

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 54,473	$ 46,301
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases	43,102	45,054
Amortization of intangibles	771	667
Provision for credit losses	10,512	1,919
Deferred income tax expense (benefit)	11,239	3,295
Changes in components of working capital:
Change in affiliated accounts and notes receivables	10,490	(14,601)
Change in other assets and equipment held for sale	7,900	6,068
Change in accounts payable and other accrued liabilities	(51,789)	(175,470)
Net cash from (used in) operating activities	99,974	(86,767)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired (retail customer, revolving charge accounts and wholesale)	(3,913,519)	(3,535,026)
Collections of receivables (retail customer, revolving charge accounts and wholesale)	3,605,879	3,265,316
Change in affiliated cash pooling receivables, net	(125,062)
Purchase of equipment on operating leases	(102,184)	(103,279)
Proceeds from disposal of equipment on operating leases	85,032	95,141
Change in property, equipment and software, net	75	(66)
Net cash from (used in) investing activities	(449,779)	(277,914)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in affiliated debt, net	(132,492)	245,603
Proceeds from issuance of long-term debt	2,123,113	132,829
Payment of long-term debt	(1,556,378)	(765,111)
Change in committed asset-backed facilities, net	(213,581)	685,493
Change in short-term borrowings, net	(40,155)	(40,078)
Dividends paid to CNH Industrial America LLC	(60,000)
Net cash from (used in) financing activities	120,507	258,736
DECREASE IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	(229,298)	(105,945)
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of year	797,927	708,579
End of year	568,629	602,634
COMPONENTS OF CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Cash	163,171	178,826
Restricted cash and cash equivalents	405,458	423,808
TOTAL CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	568,629	602,634
CASH PAID DURING THE YEAR FOR INTEREST	165,260	107,552
CASH PAID DURING THE YEAR FOR TAXES	$ 47,072	$ 33,616

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
BALANCE at Dec. 31, 2022	$ 844,022	$ (137,833)	$ 601,510	$ 1,307,699
Increase (Decrease) in Stockholder's Equity
Net income			46,301	46,301
Foreign currency translation adjustment		(294)		(294)
Stock compensation	196			196
Pension liability adjustment, net of tax		(181)		(181)
Change in derivative financial instruments, net of tax		(2,393)		(2,393)
BALANCE at Mar. 31, 2023	844,218	(140,701)	647,811	1,351,328
BALANCE at Dec. 31, 2023	919,702	(137,308)	816,582	1,598,976
Increase (Decrease) in Stockholder's Equity
Net income			54,473	54,473
Dividends paid to CNH Industrial America LLC			(60,000)	(60,000)
Foreign currency translation adjustment		(10,480)		(10,480)
Stock compensation	(1,219)			(1,219)
Pension liability adjustment, net of tax		(108)		(108)
Change in derivative financial instruments, net of tax		1,935		1,935
BALANCE at Mar. 31, 2024	$ 918,483	$ (145,961)	$ 811,055	$ 1,583,577

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
NATURE OF OPERATIONS
BASIS OF PRESENTATION	NOTE 1: BASIS OF PRESENTATION CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC (“New Holland Credit”), CNH Industrial Capital America LLC (“CNH Capital America”) and CNH Industrial Capital Canada Ltd. (“CNH Capital Canada”) (collectively, “CNH Capital” or the “Company”), are each a subsidiary of CNH Industrial America LLC (“CNH America”), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. (“CNHI” and, together with its consolidated subsidiaries, “CNH”). CNH America and CNH Industrial Canada Ltd. (“CNH Canada” and, together with CNH America, “CNH North America”) design, manufacture, and sell agricultural and construction equipment. CNH Capital provides financial services for CNH North America dealers and end-use customers primarily located in the United States and Canada. CNHI is incorporated in and under the laws of The Netherlands. CNHI has its corporate seat in Amsterdam, The Netherlands, and its principal office in Basildon, Essex, England. The common shares of CNHI are listed on the New York Stock Exchange under the symbol “CNHI.” The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2023. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, which is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our interim unaudited financial statements have been reflected. The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates. Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of December 31, 2023 or March 31, 2023.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2024
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges. The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (142,798) ​ $ 1,559 ​ $ 5,677 ​ $ (135,562) Tax liability ​ — ​ (373) ​ (1,373) ​ (1,746) Beginning balance, net of tax (142,798) ​ 1,186 ​ 4,304 ​ (137,308) Other comprehensive income (loss) before reclassifications ​ (10,480) ​ (88) ​ 2,875 ​ (7,693) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (54) ​ (217) ​ (271) Tax effects ​ — ​ 34 ​ (723) ​ (689) Net current-period other comprehensive income (loss) (10,480) ​ (108) ​ 1,935 ​ (8,653) Total $ (153,278) ​ $ 1,078 ​ $ 6,239 ​ $ (145,961) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (151,254) ​ $ 2,563 ​ $ 15,288 ​ $ (133,403) Tax liability ​ — ​ (621) ​ (3,809) ​ (4,430) Beginning balance, net of tax (151,254) ​ 1,942 ​ 11,479 ​ (137,833) Other comprehensive income (loss) before reclassifications ​ (294) ​ (105) ​ (2,565) ​ (2,964) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (135) ​ (662) ​ (797) Tax effects ​ — ​ 59 ​ 834 ​ 893 Net current-period other comprehensive income (loss) (294) ​ (181) ​ (2,393) ​ (2,868) Total $ (151,548) ​ $ 1,761 ​ $ 9,086 ​ $ (140,701) ​ The reclassifications out of AOCI were immaterial for the three months ended March 31, 2024 and 2023.

RECEIVABLES

RECEIVABLES	3 Months Ended
	Mar. 31, 2024
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of March 31, 2023 and December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Retail notes $ 992,161 $ 1,291,559 Revolving charge accounts ​ 227,209 ​ 205,872 Finance leases ​ 219,251 ​ 219,386 Wholesale ​ 1,680,930 ​ 1,575,142 Restricted receivables ​ ​ 10,697,348 ​ ​ 10,278,503 Gross receivables 13,816,899 13,570,462 Less: Allowance for credit losses ​ (118,365) ​ (114,745) Total receivables, net $ 13,698,534 $ 13,455,717 ​ Restricted Receivables and Securitization As part of its overall funding strategy, the Company periodically transfers certain receivables into special purpose entities (“SPEs”) as part of its asset-backed securitization programs. SPEs utilized in the securitization programs differ from other entities included in the Company’s consolidated financial statements because the assets they hold are legally isolated from the Company’s assets. For bankruptcy analysis purposes, the Company has sold the receivables to the SPEs in a true sale and the SPEs are separate legal entities. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs’ creditors. The SPEs have ownership of cash balances that also have restrictions for the benefit of the SPEs’ investors. The Company’s interests in the SPEs’ receivables are subordinate to the interests of third-party investors. None of the receivables that are directly or indirectly sold or transferred in any of these transactions are available to pay the Company’s creditors until all obligations of the SPE have been fulfilled or the receivables are removed from the SPE. The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the restricted receivables as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Retail notes $ 6,964,257 $ 6,693,525 Wholesale ​ 3,733,091 ​ 3,584,978 Total restricted receivables $ 10,697,348 ​ $ 10,278,503 ​ Within the U.S. retail notes securitization programs, qualifying retail notes are sold to bankruptcy-remote SPEs. In turn, these SPEs establish separate trusts, which are VIEs, to either transfer receivables in exchange for proceeds from asset-backed securities issued by the trusts, or pledge the receivables as collateral in exchange for proceeds from a committed asset-backed facility. In Canada, qualifying retail notes are transferred directly to trusts, which are also VIEs. The VIEs are consolidated since the Company has both the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities, which are bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, the Company has the power to direct the trusts’ activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, the Company has consolidated these wholesale trusts. Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of the lifetime expected credit losses inherent in the receivables owned by the Company. Retail customer receivables primarily include retail notes and finance leases to end-use customers. Revolving charge accounts represent financing for customers to purchase parts, service, rentals, implements and attachments from CNH North America dealers. Wholesale receivables include dealer floorplan financing, and to a lesser extent, the financing of dealer operations. Typically, the Company’s receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. Retail customer receivables that share the same risk characteristics, such as collateralization levels, geography, product type and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for credit losses on retail customer receivables is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as GDP and Net Farm Income. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment. Wholesale receivables that share the same risk characteristics, such as collateralization levels, term, geography and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for wholesale credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as industry sales volumes. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment. Retail customer receivables and wholesale receivables that do not have similar risk characteristics are individually reviewed based on, among other items, amounts outstanding, days past due and prior collection history. Expected credit losses are measured by considering: the probability-weighted estimates of cash flows and collateral value; the time value of money; current conditions and forecasts of future economic conditions. Expected credit losses are measured as the probability-weighted present value of all cash shortfalls (including the value of the collateral, if appropriate) over the expected life of each financial asset. Charge-offs of principal amounts of retail customer receivables and wholesale receivables outstanding are deducted from the allowance at the point when it is estimated that amounts due are deemed uncollectible. When delinquency reaches 120 days Allowance for credit losses activity for the three months ended March 31, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ Retail ​ Charge ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ Accounts ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 101,649 $ 7,594 $ 5,502 ​ $ 114,745 Charge-offs ​ (5,853) ​ ​ (1,150) ​ — ​ ​ (7,003) Recoveries ​ 275 ​ ​ 96 ​ 13 ​ ​ 384 Provision ​ 8,413 ​ ​ 1,868 ​ 231 ​ ​ 10,512 Foreign currency translation and other ​ (240) ​ ​ (12) ​ (21) ​ ​ (273) Ending balance $ 104,244 $ 8,396 $ 5,725 ​ $ 118,365 Gross receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 8,175,669 $ 227,209 $ 5,414,021 ​ $ 13,816,899 ​ At March 31, 2024, the allowance for credit losses included an increase in reserves primarily due to higher specific reserve needs. Allowance for credit losses activity for the three months ended March 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Charge ​ ​ ​ ​ ​ ​ ​ Customer Accounts Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, as previously reported $ 110,341 $ 8,519 $ 6,152 ​ $ 125,012 Charge-offs ​ (5,612) ​ (4,238) ​ — ​ ​ (9,850) Recoveries ​ 392 ​ — ​ 11 ​ ​ 403 Provision (benefit) ​ (1,669) ​ 3,065 ​ 523 ​ ​ 1,919 Foreign currency translation and other ​ (10) ​ (1) ​ (1) ​ ​ (12) Ending balance $ 103,442 $ 7,345 $ 6,685 ​ $ 117,472 Gross receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 7,134,274 $ 194,329 $ 3,796,471 ​ $ 11,125,074 ​ The Company assesses and monitors the credit quality of its receivables based on delinquency status. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. As the terms for the retail customer receivables are greater than one year, the past due information is presented by year of origination. The aging of receivables by vintage as of March 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 – 60 Days ​ 61 – 90 Days ​ Than ​ Total ​ ​ ​ ​ Total ​ Gross ​ Past Due Past Due 90 Days Past Due Current Receivables Charge-offs Retail customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 291 ​ $ — ​ $ — ​ $ 291 ​ $ 718,983 ​ $ 719,274 ​ $ — 2023 ​ ​ 11,424 ​ ​ 2,333 ​ ​ 845 ​ ​ 14,602 ​ ​ 2,840,361 ​ ​ 2,854,963 ​ ​ 1,245 2022 ​ ​ 12,521 ​ ​ 2,619 ​ ​ 6,039 ​ ​ 21,179 ​ ​ 1,587,206 ​ ​ 1,608,385 ​ ​ 1,720 2021 ​ ​ 6,159 ​ ​ 2,412 ​ ​ 3,651 ​ ​ 12,222 ​ ​ 926,675 ​ ​ 938,897 ​ ​ 808 2020 ​ ​ 3,423 ​ ​ 1,473 ​ ​ 32,375 ​ ​ 37,271 ​ ​ 375,814 ​ ​ 413,085 ​ ​ 345 Prior to 2020 ​ ​ 1,284 ​ ​ 496 ​ ​ 4,660 ​ ​ 6,440 ​ ​ 166,240 ​ ​ 172,680 ​ ​ 1,074 Total $ 35,102 ​ $ 9,333 ​ $ 47,570 ​ $ 92,005 ​ $ 6,615,279 ​ $ 6,707,284 ​ $ 5,192 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 155,478 ​ $ 155,478 ​ $ — 2023 ​ ​ 585 ​ ​ 942 ​ ​ 569 ​ ​ 2,096 ​ ​ 569,172 ​ ​ 571,268 ​ ​ 173 2022 ​ ​ 808 ​ ​ 710 ​ ​ 522 ​ ​ 2,040 ​ ​ 335,740 ​ ​ 337,780 ​ ​ 91 2021 ​ ​ 711 ​ ​ 94 ​ ​ 2,044 ​ ​ 2,849 ​ ​ 260,183 ​ ​ 263,032 ​ ​ 44 2020 ​ ​ 195 ​ ​ 123 ​ ​ 238 ​ ​ 556 ​ ​ 98,692 ​ ​ 99,248 ​ ​ 122 Prior to 2020 ​ ​ 178 ​ ​ 50 ​ ​ 424 ​ ​ 652 ​ ​ 40,927 ​ ​ 41,579 ​ ​ 231 Total $ 2,477 ​ $ 1,919 ​ $ 3,797 ​ $ 8,193 ​ $ 1,460,192 ​ $ 1,468,385 ​ $ 661 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 3,651 ​ $ 1,761 ​ $ 1,157 ​ $ 6,569 ​ $ 206,051 ​ $ 212,620 ​ $ 1,068 Canada ​ $ 389 ​ $ 191 ​ $ 31 ​ $ 611 ​ $ 13,978 ​ $ 14,589 ​ $ 82 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 12 ​ $ 7 ​ $ 5 ​ $ 24 ​ $ 4,428,654 ​ $ 4,428,678 ​ $ — Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 985,343 ​ $ 985,343 ​ $ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 37,579 ​ $ 11,252 ​ $ 51,367 ​ $ 100,198 ​ $ 8,075,471 ​ $ 8,175,669 ​ $ 5,853 Revolving charge accounts ​ $ 4,040 ​ $ 1,952 ​ $ 1,188 ​ $ 7,180 ​ $ 220,029 ​ $ 227,209 ​ $ 1,150 Wholesale ​ $ 12 ​ $ 7 ​ $ 5 ​ $ 24 ​ $ 5,413,997 ​ $ 5,414,021 ​ $ — ​ The aging of receivables by vintage as of December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 – 60 Days ​ 61 – 90 Days ​ Than ​ Total ​ ​ ​ ​ Total ​ Gross ​ Past Due Past Due 90 Days Past Due Current Receivables Charge-offs Retail customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 9,662 ​ $ 1,415 ​ $ 1,288 ​ $ 12,365 ​ $ 3,111,476 ​ $ 3,123,841 ​ $ 552 2022 ​ ​ 10,008 ​ ​ 2,583 ​ ​ 5,821 ​ ​ 18,412 ​ ​ 1,755,538 ​ ​ 1,773,950 ​ ​ 3,221 2021 ​ ​ 6,808 ​ ​ 2,118 ​ ​ 3,554 ​ ​ 12,480 ​ ​ 1,041,185 ​ ​ 1,053,665 ​ ​ 2,716 2020 ​ ​ 3,270 ​ ​ 1,106 ​ ​ 32,831 ​ ​ 37,207 ​ ​ 451,292 ​ ​ 488,499 ​ ​ 2,987 2019 ​ ​ 1,829 ​ ​ 529 ​ ​ 2,001 ​ ​ 4,359 ​ ​ 164,634 ​ ​ 168,993 ​ ​ 3,203 Prior to 2019 ​ ​ 631 ​ ​ 318 ​ ​ 3,831 ​ ​ 4,780 ​ ​ 56,779 ​ ​ 61,559 ​ ​ 2,849 Total $ 32,208 ​ $ 8,069 ​ $ 49,326 ​ $ 89,603 ​ $ 6,580,904 ​ $ 6,670,507 ​ $ 15,528 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 647 ​ $ 149 ​ $ 420 ​ $ 1,216 ​ $ 667,887 ​ $ 669,103 ​ $ 78 2022 ​ ​ 2,395 ​ ​ 60 ​ ​ 1,236 ​ ​ 3,691 ​ ​ 395,757 ​ ​ 399,448 ​ ​ 941 2021 ​ ​ 1,090 ​ ​ 159 ​ ​ 2,361 ​ ​ 3,610 ​ ​ 291,974 ​ ​ 295,584 ​ ​ 964 2020 ​ ​ 755 ​ ​ — ​ ​ 320 ​ ​ 1,075 ​ ​ 113,630 ​ ​ 114,705 ​ ​ (227) 2019 ​ ​ 158 ​ ​ 14 ​ ​ 201 ​ ​ 373 ​ ​ 44,042 ​ ​ 44,415 ​ ​ 253 Prior to 2019 ​ ​ 126 ​ ​ 152 ​ ​ 366 ​ ​ 644 ​ ​ 10,064 ​ ​ 10,708 ​ ​ 87 Total $ 5,171 ​ $ 534 ​ $ 4,904 ​ $ 10,609 ​ $ 1,523,354 ​ $ 1,533,963 ​ $ 2,096 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 6,036 ​ $ 2,422 ​ $ 1,089 ​ $ 9,547 ​ $ 182,728 ​ $ 192,275 ​ $ 5,993 Canada ​ $ 374 ​ $ 169 ​ $ 122 ​ $ 665 ​ $ 12,932 ​ $ 13,597 ​ $ 519 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4,271,583 ​ $ 4,271,583 ​ $ — Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 888,537 ​ $ 888,537 ​ $ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 37,379 ​ $ 8,603 ​ $ 54,230 ​ $ 100,212 ​ $ 8,104,258 ​ $ 8,204,470 ​ $ 17,624 Revolving charge accounts ​ $ 6,410 ​ $ 2,591 ​ $ 1,211 ​ $ 10,212 ​ $ 195,660 ​ $ 205,872 ​ $ 6,512 Wholesale ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 5,160,120 ​ $ 5,160,120 ​ $ — ​ Included in the receivables balance at March 31, 2024 and December 31, 2023 is accrued interest of $85,845 and $83,879, respectively. The Company does not include accrued interest in its allowance for credit losses. Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 90 days past due, whichever occurs first. The amount of interest income suspended was not material for the three months ended March 31, 2024 and 2023. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The retail customer receivables on nonaccrual status as of March 31, 2024 and December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 ​ 2023 United States $ 56,785 $ 55,564 Canada ​ $ 4,248 ​ $ 5,321 ​ As of March 31, 2024 and December 31, 2023, total revolving charge account receivables on nonaccrual status were immaterial. As of March 31, 2024 and December 31, 2023, there were no wholesale receivables on nonaccrual status. As of March 31, 2024 and December 31, 2023, the Company’s receivables on non-accrual status without an allowance were immaterial. Interest income recognized for receivables on non-accrual status for the three months ended March 31, 2024 and 2023 was immaterial. Troubled Debt Restructurings A restructuring of a receivable constitutes a TDR when the lender grants a concession it would not otherwise consider to a customer that is experiencing financial difficulties. As a collateral-based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail customer receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables, concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a contractual interest rate to a below market interest rate and waiving of interest and principal. TDRs are reviewed along with other receivables as part of management’s ongoing evaluation of the adequacy of the allowance for credit losses. As of March 31, 2024 and 2023, the Company’s TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	3 Months Ended
	Mar. 31, 2024
EQUIPMENT ON OPERATING LEASES
EQUIPMENT ON OPERATING LEASES	NOTE 5: EQUIPMENT ON OPERATING LEASES Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $71,551) as of March 31, 2024 are as follows: ​ ​ ​ ​ ​ 2024 $ 163,209 2025 ​ 153,803 2026 ​ 90,995 2027 ​ 36,548 2028 and thereafter ​ 13,411 Total lease payments $ 457,966 ​

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	3 Months Ended
	Mar. 31, 2024
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT	NOTE 6: CREDIT FACILITIES AND DEBT On January 16, 2024, the Company repaid the principal amount of $500,000 of its 4.200% unsecured notes due 2024. On January 24, 2024, the Company, through a bankruptcy-remote trust, issued $862,730 of amortizing asset-backed notes secured by U.S. retail receivables. On February 21, 2024, the Company, through a trust, issued C$398,380 ($294,834) of amortizing asset-backed notes secured by Canadian retail receivables. On March 21, 2024, CNH Industrial Capital LLC completed an offering of $600,000 in aggregate principal amount of its 5.100% unsecured notes due 2029, with an issue price of 99.157%. On March 25, 2024, CNH Industrial Capital Canada Ltd. completed a private placement offering of C$400,000 ($294,480) in aggregate principal amount of its 4.800% unsecured notes due 2027, with an issue price of 99.876%. Repurchase Agreement The Company is a party to a Global Master Repurchase Agreement which expires in September 2024. As of March 31, 2024, the Company had sold, and not yet repurchased, C$300,000 ($221,053) of Canadian receivables under the repurchase agreement, with an obligation to repurchase such receivables in 30 days Unsecured Facilities and Debt Committed and uncommitted unsecured facilities with banks as of March 31, 2024, totaled $810,466. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. As of March 31, 2024, the Company had $336,781 outstanding under these credit facilities. The remaining available credit commitments are maintained primarily to provide backup liquidity for commercial paper borrowings. The Company’s outstanding commercial paper totaled $188,615 as of March 31, 2024.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	NOTE 7: INCOME TAXES The effective tax rate for the three months ended March 31, 2024 and 2023 was 23.4%.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2024
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 8: FINANCIAL INSTRUMENTS The Company may elect to measure financial instruments and certain other items at fair value. This fair value option would be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company has not elected the fair value measurement option for eligible items. Fair-Value Hierarchy The hierarchy of valuation techniques for financial instruments is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. Determination of Fair Value When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will use observable market-based inputs to calculate fair value, in which case the items are classified in Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. The following sections describe the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions. Derivatives The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. The Company designates derivatives that are effective at reducing the risk associated with the exposure being hedged as accounting hedges at the inception of the contract and does not hold or enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows. Interest Rate Derivatives The Company has entered into interest rate derivatives in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated as cash flow hedges are being used by the Company to mitigate the risk of rising interest rates related to existing debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. As of March 31, 2024, the maximum length of time over which the Company is hedging its interest rate exposure through the use of derivative instruments designated in cash flow hedge relationships is 55 months. As of March 31, 2024, the after-tax gains deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately ($3,012). The Company also enters into offsetting interest rate derivatives with substantially similar terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three months ended March 31, 2024 and 2023. All of the Company’s interest rate derivatives as of March 31, 2024 and December 31, 2023 are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of the Company’s interest rate derivatives was $3,960,350 and $4,428,285 at March 31, 2024 and December 31, 2023, respectively. The four-month average notional amounts for the three months ended March 31, 2024 and 2023 were $4,015,569 and $3,752,123, respectively. As a result of the reform and replacement of specific benchmark interest rates, the Company elected to make the replacement using the optional expedient under ASC 848, which allows the change in critical terms without dedesignation and the Company also elected the optional expedient to apply a spread adjustment to hedged items cash flows that resulted in no change to the cumulative basis adjustment reflected in earnings. Foreign Exchange Contracts The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in “Other expenses, net” and are expected to offset the foreign exchange gains or losses on the exposures being managed. All of the Company’s foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives. Financial Statement Impact of the Company’s Derivatives The fair values of the Company’s derivatives as of March 31, 2024 and December 31, 2023 in the consolidated balance sheets are recorded as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 8,140 ​ $ 22,633 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 34,790 ​ $ 32,579 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 32,793 ​ $ 30,420 Foreign exchange contracts ​ 3,505 ​ 2,601 Total $ 36,298 ​ $ 33,021 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 32,793 ​ $ 30,420 ​ Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three months ended March 31, 2024 and 2023 are recorded in the following accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Cash Flow Hedges ​ ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 2,875 ​ $ (2,565) Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ $ 217 ​ $ 662 Not Designated as Hedges ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses, net ​ $ (904) ​ $ 31 ​ Items Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, all of which are measured as Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 40,933 ​ $ 53,053 Foreign exchange contracts ​ 3,505 ​ 2,601 Total assets $ 44,438 ​ $ 55,654 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 67,583 ​ $ 62,999 ​ There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. ​ Fair Value of Other Financial Instruments The carrying amount of cash, restricted cash and cash equivalents, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and restricted cash and cash equivalents are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2. Financial Instruments Not Carried at Fair Value The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of March 31, 2024 and December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 13,698,534 ​ $ 13,579,184 ​ $ 13,455,717 ​ $ 13,224,506 Long-term debt ​ $ 8,626,108 ​ $ 8,487,252 ​ $ 7,859,629 ​ $ 7,739,874 ______________ * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2. Receivables The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk. Long-term debt The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

GEOGRAPHICAL INFORMATION

GEOGRAPHICAL INFORMATION	3 Months Ended
	Mar. 31, 2024
GEOGRAPHICAL INFORMATION
GEOGRAPHICAL INFORMATION	NOTE 9: GEOGRAPHICAL INFORMATION A summary of the Company’s geographical information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2024 2023 Revenues ​ ​ ​ ​ ​ United States ​ $ 245,677 ​ $ 182,895 Canada ​ 60,844 ​ 46,108 Eliminations ​ (215) ​ (485) Total $ 306,306 ​ $ 228,518 Interest expense ​ ​ ​ ​ ​ United States ​ $ 137,084 ​ $ 85,652 Canada ​ 30,558 ​ 18,537 Eliminations ​ (215) ​ (485) Total $ 167,427 ​ $ 103,704 Net income ​ ​ ​ ​ ​ United States ​ $ 43,618 ​ $ 36,259 Canada ​ 10,855 ​ 10,042 Total $ 54,473 ​ $ 46,301 Depreciation and amortization ​ ​ ​ ​ ​ United States ​ $ 30,182 ​ $ 32,829 Canada ​ 13,691 ​ 12,892 Total $ 43,873 ​ $ 45,721 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ United States ​ $ 79,922 ​ $ 75,241 Canada ​ 22,262 ​ 28,038 Total $ 102,184 ​ $ 103,279 Provision (benefit) for credit losses ​ ​ ​ ​ ​ United States ​ $ 10,017 ​ $ 3,159 Canada ​ 495 ​ (1,240) Total $ 10,512 ​ $ 1,919 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 Total assets ​ ​ ​ ​ ​ United States ​ $ 13,013,177 ​ $ 13,034,959 Canada ​ 3,171,211 ​ 3,077,089 Eliminations ​ (147,220) ​ (148,521) Total $ 16,037,168 ​ $ 15,963,527 Gross receivables ​ ​ ​ ​ ​ United States ​ $ 11,348,582 ​ $ 11,134,365 Canada ​ 2,468,317 ​ 2,436,097 Total $ 13,816,899 ​ $ 13,570,462 ​

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 10: RELATED-PARTY TRANSACTIONS The Company receives compensation from CNH North America for retail customer, wholesale and operating lease sales programs offered by CNH North America on which finance charges are waived or below market rate financing programs are offered. The Company receives compensation from CNH North America based on the Company’s estimated costs and a targeted return on equity. The Company is also compensated for lending funds to CNH North America. The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income for the three months ended March 31, 2024 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Subsidy from CNH North America ​ ​ ​ ​ ​ Retail customer ​ $ 49,407 ​ $ 28,475 Operating lease ​ 9,450 ​ 10,323 Revolving charge accounts ​ ​ 839 ​ ​ 859 Wholesale ​ ​ 58,645 ​ ​ 43,413 Income from affiliated receivables ​ ​ ​ ​ Banco CNH Industrial Capital Brazil ​ ​ 716 ​ ​ 638 Other affiliates ​ ​ 417 ​ ​ 396 Total interest and other income from affiliates $ 119,474 ​ $ 84,104 ​ Interest expense to affiliates was $4,624 and $8,448 for the three months ended March 31, 2024 and 2023, respectively. Fees charged by affiliates were $13,595 and $13,875 for the three months ended March 31, 2024 and 2023, respectively, which amounts consist of payroll and other human resource services CNH America performs on behalf of the Company. As of March 31, 2024 and December 31, 2023, the Company had various accounts and notes receivable and debt with the following affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Affiliated receivables ​ ​ ​ ​ ​ CNH America $ 4,406 ​ $ 13,377 CNH Canada ​ 120,656 ​ ​ 704 Banco CNH Industrial Capital Brazil ​ ​ 48,713 ​ ​ 47,997 Other affiliates ​ 12,544 ​ ​ 12,589 Total affiliated receivables $ 186,319 ​ $ 74,667 Affiliated debt ​ ​ ​ ​ ​ CNH America ​ $ — ​ $ CNH Canada ​ ​ — ​ ​ 46,258 Total affiliated debt $ — ​ $ 132,492 ​ Accounts payable and other accrued liabilities, including tax payables, of $106,910 and $82,621 were payable to related parties as of March 31, 2024 and December 31, 2023, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11: COMMITMENTS AND CONTINGENCIES Legal Matters The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations. Guarantees The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNHI for approximately $50,400. The guarantees are in effect for the term of the underlying funding facilities. Commitments As of March 31, 2024, the Company had various agreements, on an uncommitted basis, to extend credit for the following portfolios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ Credit Limit ​ Utilized ​ Not Utilized Wholesale and dealer financing ​ $ 7,238,098 ​ $ 5,321,016 ​ $ 1,917,082 Revolving charge accounts ​ $ 2,582,160 ​ $ 229,774 ​ $ 2,352,386 ​

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
New Accounting Pronouncements Adopted	New Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME
Schedule of changes in the components of AOCI and related tax effects	The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (142,798) ​ $ 1,559 ​ $ 5,677 ​ $ (135,562) Tax liability ​ — ​ (373) ​ (1,373) ​ (1,746) Beginning balance, net of tax (142,798) ​ 1,186 ​ 4,304 ​ (137,308) Other comprehensive income (loss) before reclassifications ​ (10,480) ​ (88) ​ 2,875 ​ (7,693) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (54) ​ (217) ​ (271) Tax effects ​ — ​ 34 ​ (723) ​ (689) Net current-period other comprehensive income (loss) (10,480) ​ (108) ​ 1,935 ​ (8,653) Total $ (153,278) ​ $ 1,078 ​ $ 6,239 ​ $ (145,961) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (151,254) ​ $ 2,563 ​ $ 15,288 ​ $ (133,403) Tax liability ​ — ​ (621) ​ (3,809) ​ (4,430) Beginning balance, net of tax (151,254) ​ 1,942 ​ 11,479 ​ (137,833) Other comprehensive income (loss) before reclassifications ​ (294) ​ (105) ​ (2,565) ​ (2,964) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (135) ​ (662) ​ (797) Tax effects ​ — ​ 59 ​ 834 ​ 893 Net current-period other comprehensive income (loss) (294) ​ (181) ​ (2,393) ​ (2,868) Total $ (151,548) ​ $ 1,761 ​ $ 9,086 ​ $ (140,701)

RECEIVABLES (Tables)

RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2024
RECEIVABLES
Summary of receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Retail notes $ 992,161 $ 1,291,559 Revolving charge accounts ​ 227,209 ​ 205,872 Finance leases ​ 219,251 ​ 219,386 Wholesale ​ 1,680,930 ​ 1,575,142 Restricted receivables ​ ​ 10,697,348 ​ ​ 10,278,503 Gross receivables 13,816,899 13,570,462 Less: Allowance for credit losses ​ (118,365) ​ (114,745) Total receivables, net $ 13,698,534 $ 13,455,717
Summary of restricted receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Retail notes $ 6,964,257 $ 6,693,525 Wholesale ​ 3,733,091 ​ 3,584,978 Total restricted receivables $ 10,697,348 ​ $ 10,278,503
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the three months ended March 31, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ Retail ​ Charge ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ Accounts ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 101,649 $ 7,594 $ 5,502 ​ $ 114,745 Charge-offs ​ (5,853) ​ ​ (1,150) ​ — ​ ​ (7,003) Recoveries ​ 275 ​ ​ 96 ​ 13 ​ ​ 384 Provision ​ 8,413 ​ ​ 1,868 ​ 231 ​ ​ 10,512 Foreign currency translation and other ​ (240) ​ ​ (12) ​ (21) ​ ​ (273) Ending balance $ 104,244 $ 8,396 $ 5,725 ​ $ 118,365 Gross receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 8,175,669 $ 227,209 $ 5,414,021 ​ $ 13,816,899 ​ At March 31, 2024, the allowance for credit losses included an increase in reserves primarily due to higher specific reserve needs. Allowance for credit losses activity for the three months ended March 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Charge ​ ​ ​ ​ ​ ​ ​ Customer Accounts Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, as previously reported $ 110,341 $ 8,519 $ 6,152 ​ $ 125,012 Charge-offs ​ (5,612) ​ (4,238) ​ — ​ ​ (9,850) Recoveries ​ 392 ​ — ​ 11 ​ ​ 403 Provision (benefit) ​ (1,669) ​ 3,065 ​ 523 ​ ​ 1,919 Foreign currency translation and other ​ (10) ​ (1) ​ (1) ​ ​ (12) Ending balance $ 103,442 $ 7,345 $ 6,685 ​ $ 117,472 Gross receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 7,134,274 $ 194,329 $ 3,796,471 ​ $ 11,125,074
Schedule of aging of financing receivables	The aging of receivables by vintage as of March 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 – 60 Days ​ 61 – 90 Days ​ Than ​ Total ​ ​ ​ ​ Total ​ Gross ​ Past Due Past Due 90 Days Past Due Current Receivables Charge-offs Retail customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 291 ​ $ — ​ $ — ​ $ 291 ​ $ 718,983 ​ $ 719,274 ​ $ — 2023 ​ ​ 11,424 ​ ​ 2,333 ​ ​ 845 ​ ​ 14,602 ​ ​ 2,840,361 ​ ​ 2,854,963 ​ ​ 1,245 2022 ​ ​ 12,521 ​ ​ 2,619 ​ ​ 6,039 ​ ​ 21,179 ​ ​ 1,587,206 ​ ​ 1,608,385 ​ ​ 1,720 2021 ​ ​ 6,159 ​ ​ 2,412 ​ ​ 3,651 ​ ​ 12,222 ​ ​ 926,675 ​ ​ 938,897 ​ ​ 808 2020 ​ ​ 3,423 ​ ​ 1,473 ​ ​ 32,375 ​ ​ 37,271 ​ ​ 375,814 ​ ​ 413,085 ​ ​ 345 Prior to 2020 ​ ​ 1,284 ​ ​ 496 ​ ​ 4,660 ​ ​ 6,440 ​ ​ 166,240 ​ ​ 172,680 ​ ​ 1,074 Total $ 35,102 ​ $ 9,333 ​ $ 47,570 ​ $ 92,005 ​ $ 6,615,279 ​ $ 6,707,284 ​ $ 5,192 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 155,478 ​ $ 155,478 ​ $ — 2023 ​ ​ 585 ​ ​ 942 ​ ​ 569 ​ ​ 2,096 ​ ​ 569,172 ​ ​ 571,268 ​ ​ 173 2022 ​ ​ 808 ​ ​ 710 ​ ​ 522 ​ ​ 2,040 ​ ​ 335,740 ​ ​ 337,780 ​ ​ 91 2021 ​ ​ 711 ​ ​ 94 ​ ​ 2,044 ​ ​ 2,849 ​ ​ 260,183 ​ ​ 263,032 ​ ​ 44 2020 ​ ​ 195 ​ ​ 123 ​ ​ 238 ​ ​ 556 ​ ​ 98,692 ​ ​ 99,248 ​ ​ 122 Prior to 2020 ​ ​ 178 ​ ​ 50 ​ ​ 424 ​ ​ 652 ​ ​ 40,927 ​ ​ 41,579 ​ ​ 231 Total $ 2,477 ​ $ 1,919 ​ $ 3,797 ​ $ 8,193 ​ $ 1,460,192 ​ $ 1,468,385 ​ $ 661 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 3,651 ​ $ 1,761 ​ $ 1,157 ​ $ 6,569 ​ $ 206,051 ​ $ 212,620 ​ $ 1,068 Canada ​ $ 389 ​ $ 191 ​ $ 31 ​ $ 611 ​ $ 13,978 ​ $ 14,589 ​ $ 82 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 12 ​ $ 7 ​ $ 5 ​ $ 24 ​ $ 4,428,654 ​ $ 4,428,678 ​ $ — Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 985,343 ​ $ 985,343 ​ $ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 37,579 ​ $ 11,252 ​ $ 51,367 ​ $ 100,198 ​ $ 8,075,471 ​ $ 8,175,669 ​ $ 5,853 Revolving charge accounts ​ $ 4,040 ​ $ 1,952 ​ $ 1,188 ​ $ 7,180 ​ $ 220,029 ​ $ 227,209 ​ $ 1,150 Wholesale ​ $ 12 ​ $ 7 ​ $ 5 ​ $ 24 ​ $ 5,413,997 ​ $ 5,414,021 ​ $ — ​ The aging of receivables by vintage as of December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 – 60 Days ​ 61 – 90 Days ​ Than ​ Total ​ ​ ​ ​ Total ​ Gross ​ Past Due Past Due 90 Days Past Due Current Receivables Charge-offs Retail customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 9,662 ​ $ 1,415 ​ $ 1,288 ​ $ 12,365 ​ $ 3,111,476 ​ $ 3,123,841 ​ $ 552 2022 ​ ​ 10,008 ​ ​ 2,583 ​ ​ 5,821 ​ ​ 18,412 ​ ​ 1,755,538 ​ ​ 1,773,950 ​ ​ 3,221 2021 ​ ​ 6,808 ​ ​ 2,118 ​ ​ 3,554 ​ ​ 12,480 ​ ​ 1,041,185 ​ ​ 1,053,665 ​ ​ 2,716 2020 ​ ​ 3,270 ​ ​ 1,106 ​ ​ 32,831 ​ ​ 37,207 ​ ​ 451,292 ​ ​ 488,499 ​ ​ 2,987 2019 ​ ​ 1,829 ​ ​ 529 ​ ​ 2,001 ​ ​ 4,359 ​ ​ 164,634 ​ ​ 168,993 ​ ​ 3,203 Prior to 2019 ​ ​ 631 ​ ​ 318 ​ ​ 3,831 ​ ​ 4,780 ​ ​ 56,779 ​ ​ 61,559 ​ ​ 2,849 Total $ 32,208 ​ $ 8,069 ​ $ 49,326 ​ $ 89,603 ​ $ 6,580,904 ​ $ 6,670,507 ​ $ 15,528 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 647 ​ $ 149 ​ $ 420 ​ $ 1,216 ​ $ 667,887 ​ $ 669,103 ​ $ 78 2022 ​ ​ 2,395 ​ ​ 60 ​ ​ 1,236 ​ ​ 3,691 ​ ​ 395,757 ​ ​ 399,448 ​ ​ 941 2021 ​ ​ 1,090 ​ ​ 159 ​ ​ 2,361 ​ ​ 3,610 ​ ​ 291,974 ​ ​ 295,584 ​ ​ 964 2020 ​ ​ 755 ​ ​ — ​ ​ 320 ​ ​ 1,075 ​ ​ 113,630 ​ ​ 114,705 ​ ​ (227) 2019 ​ ​ 158 ​ ​ 14 ​ ​ 201 ​ ​ 373 ​ ​ 44,042 ​ ​ 44,415 ​ ​ 253 Prior to 2019 ​ ​ 126 ​ ​ 152 ​ ​ 366 ​ ​ 644 ​ ​ 10,064 ​ ​ 10,708 ​ ​ 87 Total $ 5,171 ​ $ 534 ​ $ 4,904 ​ $ 10,609 ​ $ 1,523,354 ​ $ 1,533,963 ​ $ 2,096 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 6,036 ​ $ 2,422 ​ $ 1,089 ​ $ 9,547 ​ $ 182,728 ​ $ 192,275 ​ $ 5,993 Canada ​ $ 374 ​ $ 169 ​ $ 122 ​ $ 665 ​ $ 12,932 ​ $ 13,597 ​ $ 519 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4,271,583 ​ $ 4,271,583 ​ $ — Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 888,537 ​ $ 888,537 ​ $ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 37,379 ​ $ 8,603 ​ $ 54,230 ​ $ 100,212 ​ $ 8,104,258 ​ $ 8,204,470 ​ $ 17,624 Revolving charge accounts ​ $ 6,410 ​ $ 2,591 ​ $ 1,211 ​ $ 10,212 ​ $ 195,660 ​ $ 205,872 ​ $ 6,512 Wholesale ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 5,160,120 ​ $ 5,160,120 ​ $ —
Schedule of receivables on nonaccrual status	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 ​ 2023 United States $ 56,785 $ 55,564 Canada ​ $ 4,248 ​ $ 5,321

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
EQUIPMENT ON OPERATING LEASES
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	​ ​ ​ ​ ​ 2024 $ 163,209 2025 ​ 153,803 2026 ​ 90,995 2027 ​ 36,548 2028 and thereafter ​ 13,411 Total lease payments $ 457,966 ​

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 8,140 ​ $ 22,633 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 34,790 ​ $ 32,579 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 32,793 ​ $ 30,420 Foreign exchange contracts ​ 3,505 ​ 2,601 Total $ 36,298 ​ $ 33,021 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 32,793 ​ $ 30,420
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Cash Flow Hedges ​ ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 2,875 ​ $ (2,565) Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ $ 217 ​ $ 662 Not Designated as Hedges ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses, net ​ $ (904) ​ $ 31
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 40,933 ​ $ 53,053 Foreign exchange contracts ​ 3,505 ​ 2,601 Total assets $ 44,438 ​ $ 55,654 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 67,583 ​ $ 62,999
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 13,698,534 ​ $ 13,579,184 ​ $ 13,455,717 ​ $ 13,224,506 Long-term debt ​ $ 8,626,108 ​ $ 8,487,252 ​ $ 7,859,629 ​ $ 7,739,874 ______________ * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

GEOGRAPHICAL INFORMATION (Table

GEOGRAPHICAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
GEOGRAPHICAL INFORMATION
Summary of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2024 2023 Revenues ​ ​ ​ ​ ​ United States ​ $ 245,677 ​ $ 182,895 Canada ​ 60,844 ​ 46,108 Eliminations ​ (215) ​ (485) Total $ 306,306 ​ $ 228,518 Interest expense ​ ​ ​ ​ ​ United States ​ $ 137,084 ​ $ 85,652 Canada ​ 30,558 ​ 18,537 Eliminations ​ (215) ​ (485) Total $ 167,427 ​ $ 103,704 Net income ​ ​ ​ ​ ​ United States ​ $ 43,618 ​ $ 36,259 Canada ​ 10,855 ​ 10,042 Total $ 54,473 ​ $ 46,301 Depreciation and amortization ​ ​ ​ ​ ​ United States ​ $ 30,182 ​ $ 32,829 Canada ​ 13,691 ​ 12,892 Total $ 43,873 ​ $ 45,721 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ United States ​ $ 79,922 ​ $ 75,241 Canada ​ 22,262 ​ 28,038 Total $ 102,184 ​ $ 103,279 Provision (benefit) for credit losses ​ ​ ​ ​ ​ United States ​ $ 10,017 ​ $ 3,159 Canada ​ 495 ​ (1,240) Total $ 10,512 ​ $ 1,919 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 Total assets ​ ​ ​ ​ ​ United States ​ $ 13,013,177 ​ $ 13,034,959 Canada ​ 3,171,211 ​ 3,077,089 Eliminations ​ (147,220) ​ (148,521) Total $ 16,037,168 ​ $ 15,963,527 Gross receivables ​ ​ ​ ​ ​ United States ​ $ 11,348,582 ​ $ 11,134,365 Canada ​ 2,468,317 ​ 2,436,097 Total $ 13,816,899 ​ $ 13,570,462 ​

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
RELATED-PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Subsidy from CNH North America ​ ​ ​ ​ ​ Retail customer ​ $ 49,407 ​ $ 28,475 Operating lease ​ 9,450 ​ 10,323 Revolving charge accounts ​ ​ 839 ​ ​ 859 Wholesale ​ ​ 58,645 ​ ​ 43,413 Income from affiliated receivables ​ ​ ​ ​ Banco CNH Industrial Capital Brazil ​ ​ 716 ​ ​ 638 Other affiliates ​ ​ 417 ​ ​ 396 Total interest and other income from affiliates $ 119,474 ​ $ 84,104
Schedule of various accounts and notes receivable and debt with the affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Affiliated receivables ​ ​ ​ ​ ​ CNH America $ 4,406 ​ $ 13,377 CNH Canada ​ 120,656 ​ ​ 704 Banco CNH Industrial Capital Brazil ​ ​ 48,713 ​ ​ 47,997 Other affiliates ​ 12,544 ​ ​ 12,589 Total affiliated receivables $ 186,319 ​ $ 74,667 Affiliated debt ​ ​ ​ ​ ​ CNH America ​ $ — ​ $ CNH Canada ​ ​ — ​ ​ 46,258 Total affiliated debt $ — ​ $ 132,492

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
Commitments to Extend Credit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ Credit Limit ​ Utilized ​ Not Utilized Wholesale and dealer financing ​ $ 7,238,098 ​ $ 5,321,016 ​ $ 1,917,082 Revolving charge accounts ​ $ 2,582,160 ​ $ 229,774 ​ $ 2,352,386 ​

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Changes in accumulated other comprehensive income by component
Beginning balance, gross			$ (135,562)	$ (133,403)
Tax asset (liability)			(1,746)	(4,430)
Beginning balance, net of tax	$ (137,308)	$ (137,833)
Other comprehensive income (loss) before reclassifications	(7,693)	(2,964)
Amounts reclassified from accumulated other comprehensive income (loss)	(271)	(797)
Tax effects	(689)	893
Total other comprehensive income (loss)	(8,653)	(2,868)
Ending balance	(145,961)	(140,701)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross			(142,798)	(151,254)
Beginning balance, net of tax	(142,798)	(151,254)
Other comprehensive income (loss) before reclassifications	(10,480)	(294)
Total other comprehensive income (loss)	(10,480)	(294)
Ending balance	(153,278)	(151,548)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross			1,559	2,563
Tax asset (liability)			(373)	(621)
Beginning balance, net of tax	1,186	1,942
Other comprehensive income (loss) before reclassifications	(88)	(105)
Amounts reclassified from accumulated other comprehensive income (loss)	(54)	(135)
Tax effects	34	59
Total other comprehensive income (loss)	(108)	(181)
Ending balance	1,078	1,761
Unrealized (Losses) Gains on Derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross			5,677	15,288
Tax asset (liability)			$ (1,373)	$ (3,809)
Beginning balance, net of tax	4,304	11,479
Other comprehensive income (loss) before reclassifications	2,875	(2,565)
Amounts reclassified from accumulated other comprehensive income (loss)	(217)	(662)
Tax effects	(723)	834
Total other comprehensive income (loss)	1,935	(2,393)
Ending balance	$ 6,239	$ 9,086

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Receivables
Gross receivables	$ 13,816,899	$ 13,570,462	$ 11,125,074
Less: Allowance for credit losses	(118,365)	(114,745)	$ (117,472)	$ (125,012)
Total receivables, net	13,698,534	13,455,717
Restricted receivables	10,697,348	10,278,503
Receivables directly or indirectly sold or transferred and available to pay the entity's creditors prior to all obligations of the SPE having been fulfilled	0
Retail notes
Receivables
Gross receivables	992,161	1,291,559
Restricted receivables	6,964,257	6,693,525
Revolving charge accounts
Receivables
Gross receivables	227,209	205,872
Finance leases
Receivables
Gross receivables	219,251	219,386
Wholesale
Receivables
Gross receivables	1,680,930	1,575,142
Restricted receivables	3,733,091	3,584,978
Restricted receivables
Receivables
Restricted receivables	$ 10,697,348	$ 10,278,503

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Allowance for credit losses, Current:
Beginning balance	$ 114,745	$ 125,012
Charge-offs	(7,003)	(9,850)
Recoveries	384	403
Provision for credit losses	10,512	1,919
Foreign currency translation and other	(273)	(12)
Ending balance	118,365	117,472
Receivables:
Ending Balance	$ 13,816,899	11,125,074	$ 13,570,462
Minimum account delinquency period for revolving charge accounts to be classified as past due	120 days
Retail customer
Allowance for credit losses, Current:
Beginning balance	$ 101,649	110,341
Charge-offs	(5,853)	(5,612)
Recoveries	275	392
Provision for credit losses	8,413	(1,669)
Foreign currency translation and other	(240)	(10)
Ending balance	104,244	103,442
Receivables:
Ending Balance	8,175,669	7,134,274
Revolving charge accounts
Allowance for credit losses, Current:
Beginning balance	7,594	8,519
Charge-offs	(1,150)	(4,238)
Recoveries	96
Provision for credit losses	1,868	3,065
Foreign currency translation and other	(12)	(1)
Ending balance	8,396	7,345
Receivables:
Ending Balance	227,209	194,329
Wholesale.
Allowance for credit losses, Current:
Beginning balance	5,502	6,152
Recoveries	13	11
Provision for credit losses	231	523
Foreign currency translation and other	(21)	(1)
Ending balance	5,725	6,685
Receivables:
Ending Balance	$ 5,414,021	$ 3,796,471

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing receivable, recorded investment
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Retail customer
Financing receivable, recorded investment
Total	$ 8,175,669	$ 8,204,470
Charge-offs
Total	5,853	17,624
Retail customer | Total Past Due
Financing receivable, recorded investment
Total	100,198	100,212
Retail customer | 31-60 Days Past Due
Financing receivable, recorded investment
Total	37,579	37,379
Retail customer | 61-90 Days Past Due
Financing receivable, recorded investment
Total	11,252	8,603
Retail customer | Greater than 90 Days
Financing receivable, recorded investment
Total	51,367	54,230
Retail customer | Current
Financing receivable, recorded investment
Total	8,075,471	8,104,258
Retail customer | United States
Financing receivable, recorded investment
Originated in current fiscal year	719,274	3,123,841
Originated in fiscal year before latest fiscal year	2,854,963	1,773,950
Originated two years before latest fiscal year	1,608,385	1,053,665
Originated three years before latest fiscal year	938,897	488,499
Originated four years before latest fiscal year	413,085	168,993
Originated five years before latest fiscal year	172,680	61,559
Total	6,707,284	6,670,507
Charge-offs
2024/2023		552
2023/2022	1,245	3,221
2022/2021	1,720	2,716
2021/2020	808	2,987
2020/2019	345	3,203
Prior to 2020/Prior to 2019	1,074	2,849
Total	5,192	15,528
Retail customer | United States | Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year	291	12,365
Originated in fiscal year before latest fiscal year	14,602	18,412
Originated two years before latest fiscal year	21,179	12,480
Originated three years before latest fiscal year	12,222	37,207
Originated four years before latest fiscal year	37,271	4,359
Originated five years before latest fiscal year	6,440	4,780
Total	92,005	89,603
Retail customer | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	291	9,662
Originated in fiscal year before latest fiscal year	11,424	10,008
Originated two years before latest fiscal year	12,521	6,808
Originated three years before latest fiscal year	6,159	3,270
Originated four years before latest fiscal year	3,423	1,829
Originated five years before latest fiscal year	1,284	631
Total	35,102	32,208
Retail customer | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year		1,415
Originated in fiscal year before latest fiscal year	2,333	2,583
Originated two years before latest fiscal year	2,619	2,118
Originated three years before latest fiscal year	2,412	1,106
Originated four years before latest fiscal year	1,473	529
Originated five years before latest fiscal year	496	318
Total	9,333	8,069
Retail customer | United States | Greater than 90 Days
Financing receivable, recorded investment
Originated in current fiscal year		1,288
Originated in fiscal year before latest fiscal year	845	5,821
Originated two years before latest fiscal year	6,039	3,554
Originated three years before latest fiscal year	3,651	32,831
Originated four years before latest fiscal year	32,375	2,001
Originated five years before latest fiscal year	4,660	3,831
Total	47,570	49,326
Retail customer | United States | Current
Financing receivable, recorded investment
Originated in current fiscal year	718,983	3,111,476
Originated in fiscal year before latest fiscal year	2,840,361	1,755,538
Originated two years before latest fiscal year	1,587,206	1,041,185
Originated three years before latest fiscal year	926,675	451,292
Originated four years before latest fiscal year	375,814	164,634
Originated five years before latest fiscal year	166,240	56,779
Total	6,615,279	6,580,904
Retail customer | Canada
Financing receivable, recorded investment
Originated in current fiscal year	155,478	669,103
Originated in fiscal year before latest fiscal year	571,268	399,448
Originated two years before latest fiscal year	337,780	295,584
Originated three years before latest fiscal year	263,032	114,705
Originated four years before latest fiscal year	99,248	44,415
Originated five years before latest fiscal year	41,579	10,708
Total	1,468,385	1,533,963
Charge-offs
2024/2023		78
2023/2022	173	941
2022/2021	91	964
2021/2020	44
2021/2020		(227)
2020/2019	122	253
Prior to 2020/Prior to 2019	231	87
Total	661	2,096
Retail customer | Canada | Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year		1,216
Originated in fiscal year before latest fiscal year	2,096	3,691
Originated two years before latest fiscal year	2,040	3,610
Originated three years before latest fiscal year	2,849	1,075
Originated four years before latest fiscal year	556	373
Originated five years before latest fiscal year	652	644
Total	8,193	10,609
Retail customer | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year		647
Originated in fiscal year before latest fiscal year	585	2,395
Originated two years before latest fiscal year	808	1,090
Originated three years before latest fiscal year	711	755
Originated four years before latest fiscal year	195	158
Originated five years before latest fiscal year	178	126
Total	2,477	5,171
Retail customer | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year		149
Originated in fiscal year before latest fiscal year	942	60
Originated two years before latest fiscal year	710	159
Originated three years before latest fiscal year	94
Originated four years before latest fiscal year	123	14
Originated five years before latest fiscal year	50	152
Total	1,919	534
Retail customer | Canada | Greater than 90 Days
Financing receivable, recorded investment
Originated in current fiscal year		420
Originated in fiscal year before latest fiscal year	569	1,236
Originated two years before latest fiscal year	522	2,361
Originated three years before latest fiscal year	2,044	320
Originated four years before latest fiscal year	238	201
Originated five years before latest fiscal year	424	366
Total	3,797	4,904
Retail customer | Canada | Current
Financing receivable, recorded investment
Originated in current fiscal year	155,478	667,887
Originated in fiscal year before latest fiscal year	569,172	395,757
Originated two years before latest fiscal year	335,740	291,974
Originated three years before latest fiscal year	260,183	113,630
Originated four years before latest fiscal year	98,692	44,042
Originated five years before latest fiscal year	40,927	10,064
Total	1,460,192	1,523,354
Wholesale.
Financing receivable, recorded investment
Total	5,414,021	5,160,120
Wholesale. | Total Past Due
Financing receivable, recorded investment
Total	24
Wholesale. | 31-60 Days Past Due
Financing receivable, recorded investment
Total	12
Wholesale. | 61-90 Days Past Due
Financing receivable, recorded investment
Total	7
Wholesale. | Greater than 90 Days
Financing receivable, recorded investment
Total	5
Wholesale. | Current
Financing receivable, recorded investment
Total	5,413,997	5,160,120
Wholesale. | United States
Financing receivable, recorded investment
Total	4,428,678	4,271,583
Wholesale. | United States | Total Past Due
Financing receivable, recorded investment
Total	24
Wholesale. | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	12
Wholesale. | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total	7
Wholesale. | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	5
Wholesale. | United States | Current
Financing receivable, recorded investment
Total	4,428,654	4,271,583
Wholesale. | Canada
Financing receivable, recorded investment
Total	985,343	888,537
Wholesale. | Canada | Current
Financing receivable, recorded investment
Total	985,343	888,537
Revolving charge accounts
Financing receivable, recorded investment
Total	227,209	205,872
Charge-offs
Total	1,150	6,512
Revolving charge accounts | Total Past Due
Financing receivable, recorded investment
Total	7,180	10,212
Revolving charge accounts | 31-60 Days Past Due
Financing receivable, recorded investment
Total	4,040	6,410
Revolving charge accounts | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1,952	2,591
Revolving charge accounts | Greater than 90 Days
Financing receivable, recorded investment
Total	1,188	1,211
Revolving charge accounts | Current
Financing receivable, recorded investment
Total	220,029	195,660
Revolving charge accounts | United States
Financing receivable, recorded investment
Total	212,620	192,275
Charge-offs
Total	1,068	5,993
Revolving charge accounts | United States | Total Past Due
Financing receivable, recorded investment
Total	6,569	9,547
Revolving charge accounts | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	3,651	6,036
Revolving charge accounts | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1,761	2,422
Revolving charge accounts | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	1,157	1,089
Revolving charge accounts | United States | Current
Financing receivable, recorded investment
Total	206,051	182,728
Revolving charge accounts | Canada
Financing receivable, recorded investment
Total	14,589	13,597
Charge-offs
Total	82	519
Revolving charge accounts | Canada | Total Past Due
Financing receivable, recorded investment
Total	611	665
Revolving charge accounts | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total	389	374
Revolving charge accounts | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total	191	169
Revolving charge accounts | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total	31	122
Revolving charge accounts | Canada | Current
Financing receivable, recorded investment
Total	$ 13,978	$ 12,932

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing receivable, impaired
Accrued interest	$ 85,845	$ 83,879
Delinquency period of accounts considered for recognition of income	90 days	90 days
Retail customer | United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 56,785	$ 55,564
Retail customer | Canada
Financing receivable, impaired
Receivables on nonaccrual status	4,248	5,321
Wholesale.
Financing receivable, impaired
Receivables on nonaccrual status	$ 0	$ 0

EQUIPMENT ON OPERATING LEASES_2

EQUIPMENT ON OPERATING LEASES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
EQUIPMENT ON OPERATING LEASES
Depreciation	$ 43,100	$ 45,052
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	71,551
2024	163,209
2025	153,803
2026	90,995
2027	36,548
2028 and thereafter	13,411
Total lease payments	$ 457,966

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) $ in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 25, 2024 USD ($)	Mar. 25, 2024 CAD ($)	Mar. 21, 2024 USD ($)	Jan. 16, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Feb. 21, 2024 USD ($)	Feb. 21, 2024 CAD ($)	Jan. 24, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt
Long-Term Outstanding	$ 8,626,108									$ 7,859,629
Unsecured Facilities | Revolving credit facilities
Debt
Maximum borrowing capacity	810,466
Line of credit, outstanding amount	336,781
Unsecured Facilities | Commercial paper
Debt
Short-Term Outstanding	188,615
Secured Debt | Repurchase agreement
Debt
Debt amount	$ 221,053					$ 300,000
Repurchase receivable obligation term	30 days
Secured Debt | Amortizing Retail Term ABS
Debt
Debt amount							$ 294,834	$ 398,380	$ 862,730
Unsecured Senior Notes | 4.200% unsecured notes due 2024 | CNH Industrial Capital LLC
Debt
Repayment of debt					$ 500,000
Interest rate (as a percent)					4.20%
Unsecured Senior Notes | 5.100% unsecured notes, due 2029
Debt
Debt issued				$ 600,000
Interest rate (as a percent)				5.10%
Issue price of debt (as a percent)				99.157%
Unsecured Senior Notes | 4.800% unsecured notes, due 2027
Debt
Debt issued		$ 294,480	$ 400,000
Interest rate (as a percent)		4.80%	4.80%
Issue price of debt (as a percent)		99.876%	99.876%

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of statutory and effective income tax rate
Effective tax rate (as a percent)	23.40%	23.40%

FINANCIAL INSTRUMENTS - General

FINANCIAL INSTRUMENTS - General Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	55 months
After-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months	$ (3,012)

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 8,140		$ 22,633
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	34,790		32,579
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	32,793		30,420
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	3,505		2,601
Derivative assets not designated as hedging instruments, classified in other assets	36,298		33,021
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	32,793		30,420
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	2,875	$ (2,565)
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	217	662
Foreign exchange contracts, other expenses, net, not designated as hedges	(904)	31
Interest rate derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	3,960,350		$ 4,428,285
Four-month average notional amounts of interest rate derivatives	$ 4,015,569	$ 3,752,123

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Foreign exchange contracts	$ 3,505	$ 2,601
Liabilities
Assets transferred between Level 1, Level 2 and Level 3	0	0
Liabilities transferred between Level 1, Level 2 and Level 3	0	0
Recurring | Level 2
Assets
Interest rate derivatives	40,933	53,053
Foreign exchange contracts	3,505	2,601
Total assets	44,438	55,654
Liabilities
Interest rate derivatives	$ 67,583	$ 62,999

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Instruments Not Carried at Fair Value
Receivables	$ 13,698,534	$ 13,455,717
Long-term debt	8,626,108	7,859,629
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	13,698,534	13,455,717
Long-term debt	8,626,108	7,859,629
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	13,579,184	13,224,506
Long-term debt	$ 8,487,252	$ 7,739,874

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Geographical Information
Revenues	$ 306,306	$ 228,518
Interest expense	167,427	103,704
Net income	54,473	46,301
Depreciation and amortization	43,873	45,721
Expenditures for equipment on operating leases	102,184	103,279
Provision (benefit) for credit losses	10,512	1,919
Additional disclosures
Total assets	16,037,168		$ 15,963,527
Managed receivables	13,816,899		13,570,462
Eliminations
Geographical Information
Revenues	(215)	(485)
Interest expense	(215)	(485)
Additional disclosures
Total assets	(147,220)		(148,521)
United States.
Geographical Information
Net income	43,618	36,259
Depreciation and amortization	30,182	32,829
Expenditures for equipment on operating leases	79,922	75,241
Provision (benefit) for credit losses	10,017	3,159
Additional disclosures
Managed receivables	11,348,582		11,134,365
United States. | Operating segment
Geographical Information
Revenues	245,677	182,895
Interest expense	137,084	85,652
Additional disclosures
Total assets	13,013,177		13,034,959
Canada.
Geographical Information
Net income	10,855	10,042
Depreciation and amortization	13,691	12,892
Expenditures for equipment on operating leases	22,262	28,038
Provision (benefit) for credit losses	495	(1,240)
Additional disclosures
Managed receivables	2,468,317		2,436,097
Canada. | Operating segment
Geographical Information
Revenues	60,844	46,108
Interest expense	30,558	$ 18,537
Additional disclosures
Total assets	$ 3,171,211		$ 3,077,089

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
RELATED-PARTY TRANSACTIONS
Retail customer	$ 87,391	$ 68,224
Operating lease	59,806	57,049
Revolving charge accounts	9,306	8,330
Wholesale	26,923	10,595
Total interest and other income from affiliates	119,474	84,104
Other information
Interest expense to affiliates	167,427	103,704
Related Party
RELATED-PARTY TRANSACTIONS
Affiliated receivables	186,319		$ 74,667
Affiliated debt			132,492
Other information
Interest expense to affiliates	4,624	8,448
Fees charged by affiliates	13,595	13,875
Accounts payable and other accrued liabilities payable to related parties	106,910		82,621
CNH North America
RELATED-PARTY TRANSACTIONS
Retail customer	49,407	28,475
Operating lease	9,450	10,323
Revolving charge accounts	839	859
Wholesale	58,645	43,413
CNH America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	4,406		13,377
Affiliated debt			86,234
CNH Canada
RELATED-PARTY TRANSACTIONS
Affiliated receivables	120,656		704
Affiliated debt			46,258
Banco CNH Industrial Capital Brazil
RELATED-PARTY TRANSACTIONS
Lending funds	716	638
Affiliated receivables	48,713		47,997
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	417	$ 396
Affiliated receivables	$ 12,544		$ 12,589

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Guarantees
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 50,400
Wholesale and dealer financing
Guarantees
Total credit limit	7,238,098
Utilized	5,321,016
Not Utilized	1,917,082
Revolving charge accounts
Guarantees
Total credit limit	2,582,160
Utilized	229,774
Not Utilized	$ 2,352,386